facebooktwittertelegramwhatsapp
copy short urlprintemail
+ A
A -
webmaster
Frankfurt am Main: Two German unions on Wednesday firmly rejected the idea of a merger between top lenders Deutsche Bank and Commerzbank, even as preliminary talks get underway after pressure from Berlin.
“The merger would not create a ‘national champion’” as hoped for in the finance and economy ministries, service workers’ union Verdi said. “Instead, the combined banks would become much more attractive for a ‘hostile’ takeover, for example from France,” the workers’ organisation added.
On the jobs front, “at least 10,000 further jobs would be in grave danger” as both lenders press through far-reaching restructuring projects, Verdi estimated.
Just as when Commerzbank took over Dresdner Bank in 2009, “massive closures of branches and a staff reduction of at least 15,000” would follow, agreed Stephan Szukalski of the DBV bank workers’ union. While smaller than Verdi, DBV is a force to be reckoned with at Deutsche as it furnishes three supervisory board members and the chair of the bank’s works council. (AFP)
copy short url   Copy
14/03/2019
329